ScanSource (NASDAQ:SCSC) Stock Passes Above 200 Day Moving Average – Here’s What Happened

ScanSource, Inc. (NASDAQ:SCSC)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $39.85 and traded as high as $47.50. ScanSource shares last traded at $47.44, with a volume of 219,611 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen raised ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Zacks Research raised ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ScanSource has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Stock Down 1.5%

The company’s fifty day moving average price is $41.31 and its 200-day moving average price is $39.90. The stock has a market capitalization of $949.38 million, a PE ratio of 14.15, a price-to-earnings-growth ratio of 0.81 and a beta of 1.30. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm had revenue of $758.59 million during the quarter, compared to analyst estimates of $738.55 million. During the same period last year, the business earned $0.86 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Analysts forecast that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Insider Activity

In other news, CEO Michael L. Baur sold 21,173 shares of ScanSource stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $35.76, for a total transaction of $757,146.48. Following the completion of the transaction, the chief executive officer directly owned 161,339 shares in the company, valued at approximately $5,769,482.64. This trade represents a 11.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.18% of the company’s stock.

Hedge Funds Weigh In On ScanSource

Several large investors have recently made changes to their positions in SCSC. Canada Pension Plan Investment Board purchased a new position in shares of ScanSource during the second quarter valued at approximately $25,000. Royal Bank of Canada raised its holdings in ScanSource by 165.0% in the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after acquiring an additional 1,168 shares during the last quarter. Osaic Holdings Inc. raised its holdings in ScanSource by 400.5% in the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after acquiring an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in ScanSource by 672.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after acquiring an additional 4,032 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in ScanSource by 12.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock worth $204,000 after acquiring an additional 590 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.